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Vodafone wins $2.5 bln Tax case – Hutchison deal stands ‘bonafide’ !

by Viral Dholakia on January 20, 2012 |

vodafone-logo

It was an Indian business valued at $11 billion – and a lawsuit that involved Vodafone Group Plc.’s acquisition of 67% stake in Hutchison Essar from Hutchison Telecommunications International Ltd. that took place in Cayman Islands way back in 2007. While the Income Tax department claimed taxes on the grounds of the transaction being …

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Top 10 Tax-saving Instruments for Investors!

by Viral Dholakia
Tax savings options

Let me share with you a small personal tryst with investment in Equity-linked Savings Scheme (ELSS) for tax-saving purposes. Since I track stock markets closely, my preference is usually tilted towards direct equity investments rather than going through the mutual fund route. However, in order to stifle my taxable income, I had to invest …

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Direct Tax Code [Calculations & Updates]

by Viral Dholakia
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The much-awaited Direct Tax Code (DTC) Bill was approved couple of days back and few more clarifications have come out – some positive, some negative. In fact, there is difference of opinion among various analysts. Some say that the new DTC Bill is nothing but old wine in a new bottle, while other …

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Direct Tax Code Bill approved – Positive for Individuals, Dampener for Corporates!

by Viral Dholakia
TaxCodeBillUpdate[1]

Finally, India is warming up to broadest tax reforms in the form of Direct Tax Code (DTC) and Goods and Services Tax (GST)  . The former is centered around expectations to minimize tax exemptions, but widen tax slab on personal finances; and the latter revolves around evolving an efficient and harmonized consumption tax system in [...]

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File your Income Tax Return now – Download Online Tax return ITR Forms…

by News Editor

There are so many people that ask me this questions – Why should I file my Tax returns, if I have already paid my taxes. Infact, many wrongly believe that there is no need to file the tax returns at all. This is a completely wrong perception and if you are one of those who [...]

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Revised Direct Tax Code – What you should know !

by Viral Dholakia
Tax-Code-Bill-Update

The much-awaited revised discussion paper on the Direct Tax Code (DTC) is set in the public domain by the Manmohan Singh government. The earlier discussion paper on the Direct Tax Code Bill was released in August 2009 to receive public feedback and inputs on the proposals. The revised paper is said to have addressed some [...]

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Quote your PAN Card Number mandatorily or attract 20% TDS !

by Viral Dholakia
pan-card-mandatory

Starting from April 1, 2010, if your total income falls under any of the taxable slab, you are required to quote Permanent Account Number (PAN) in your financial transactions. Budget 2009-10 makes it mandatory to quote your PAN number in all correspondences with the tax authorities, a step taken to enhance transparency in the transaction [...]

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Tax implications for a Stock Marketer !

by Viral Dholakia
tax-stock-markets

Financial year 2009-10 will get wrapped-up on March 31. But, before that various business class, self-employed and professional people including those working as employees in different firms; will have to ensure proper due-diligence about their income and expenditures from the point of view of tax treatment of their net taxable incomes. Even stock market traders [...]

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Is Air India turning into Grave India?

by Arun Prabhudesai
Air-India

Making News as some say is an art. Air India seems to have earned a doctorate in making news albeit for all wrong reasons. The recent news that made it big and needed intervention from the government was the pilots going on Strike to protest pay cuts. The …

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Finance Friday: Watch out for the gifts you receive or Mr.Income Tax may haunt you

by Arun Prabhudesai
Paying-gift-tax

Before we even start on discussing lets just salute the brilliant folks manning the Indian Finance Ministry – They have pulled out another rabbit from the hat which will fill the government coffers in the form of taxes. Ironically, the Direct tax code introduced a while back was hugely applauded …

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Here’s a quick look at earnings of Indian people.

by Arun Prabhudesai
Indian Rupees

The income levels of Indians have increased phenomenally over last few years and so is the standard of living. The economy is on the rise and India is coming out from being called a third world country to a developing country.

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Biometric PAN cards: Is Mr. Chidambaram too ambitious ?

by Arun Prabhudesai

I am not saying that they will not be implemented soon, but after implementation to actual utilization may take a long long time. Think about just one issue: Every Govt. office will need a gadget to identify the BIOMETRIC PAN cards- not only Government offices, but every banker and Institution where PAN card is required. The other issue is that a person will have to travel to offices everytime for his identification. One will not be able to post his application like he does now. Now thats a real pain. There are host of other problems that need to be tackled and thought about. Can these issues be overcome in matter of months ?

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Which is the most business friendly city in India ?

by Arun Prabhudesai

The report also compares business regulations in South Asia with 175 economies around the world. India, the region’s top reformer, implemented reforms to simplify business registration, cross-border trade, and payment of taxes, as well as to ease access to credit and strengthen investor protection. Although the reforms improved India’s ranking over last year’s, it still ranks relatively low at 134 and stands 41 places after China, which is reforming at a faster pace. The top-ranked countries in the region are the Maldives (53) and Pakistan (74), followed by Bangladesh (88), Sri Lanka (89), Nepal (100), India (134), Bhutan (138), and Afghanistan (162).

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